{"F": {"ts_code": "US.BBY", "name": "百思买", "mkt": "US", "ccy": "美元", "sw1": "专业零售", "sw2": "专业零售", "sw3": "", "ind": "专业零售", "fin_source": "futu", "market": "NYSE", "list_date": "19850419", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 90.27, "pe_ttm": 15.019, "pb": 5.977, "dv_ttm": 4.23, "total_mv": 1902594.846402, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [22.5], "rev_series": [416.9], "np_series": [10.7], "roe_series": [37.0], "rev_ttm": 416.9, "np_ttm": 12.7, "ocf_ttm": 24.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.0, "gm_median": 22.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.6, "roe_median": 37.0, "commodity": false, "hard_ratio": 33.4, "fix_assets": 49.2, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 22.8, "debt_ratio": 79.8, "debt_mv": null, "payout": 64.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.4, "np_yoy": 15.3, "np_vol": null, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 38.7, "ret_20": 10.1, "ret_60": 20.9, "ret_120": 47.7, "ret_250": 22.8, "mdd_250": null, "vol_250": null, "pos_52w": 98.9, "eps": 5.04}, "S": {"duration": 31, "pricing": 43, "hard": 53, "bondness": 61}, "label": "债券代理股", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["现金流像票息:最新一年营收增速 0.4%、净利润增速 15.3%,没有增长故事。", "分红率 64%、股息率 4.2%,每年派多少钱几乎可以预测。", "杠杆:资产负债率 80%(futu 无有息负债明细)。利率升财务费用直接吃利润。", "定价方式是利差:市场看的是股息率 4.2% 比十年期国债高多少。PE 15.0 倍 倒过来就是 6.7% 的盈利收益率,这是债的定价。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率最新年报 22.5%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。 另外它被市场当长债替代品交易:利率上行时跟长债一起跌,不跟硬资产一起涨,这个标签贴错会亏钱。", "加息期怎么走": "加息期跟长债走,承压;国内降息周期反而受益。拿它盯国内十年期国债收益率,不要盯黄金和美元。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 13.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 22.5%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 33%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 23%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 10% / 21% / 48%。", "行业对照": ["同富途行业「专业零售」45 家中位:PE 17.8 / 股息率 0.0% / 毛利率 35.1% / 固定资产占比 33% / 分红率 0%。", "百思买:PE 比行业中位低 2.8倍;股息率 比行业中位高 4.2个百分点;毛利率 比行业中位低 12.6个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}